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Licensing Agreements
3 Months Ended
Mar. 31, 2023
Licensing Agreements  
Licensing Agreements

Note 5 - Licensing Agreements

 

Les Laboratories Servier

 

As a result of the Asset Purchase Agreement that the Company entered into with Symplmed Pharmaceuticals LLC in June 2017, Symplmed assigned to the Company an Amended and Restated License and Commercialization Agreement with Les Laboratories Servier, pursuant to which the Company has the exclusive right to manufacture, have manufactured, develop, promote, market, distribute and sell Prestalia® in the U.S. (and its territories and possessions).

 

On January 4, 2021, the licensor terminated the licensing agreement with the Company for the commercialization of Prestalia®. As of March 31, 2023 and December 31, 2022, the Company had $24,500 recorded as a liability on the accompanying consolidated balance sheet for royalties due under the agreement.

 

No royalties were incurred for the three-month periods ended March 31, 2023, or 2022.

 

License of DiLA2 Assets

 

On March 16, 2018, the Company entered into an exclusive sublicensing agreement for certain intellectual property rights to its DiLA2 delivery system. The agreement included an upfront payment of $200,000 and future additional consideration for sales and development milestones. The upfront fee was contingent upon the Company obtaining a third-party consent to the agreement within ninety days of execution. The Company has not obtained consent for the sublicense and has classified the upfront payment it had previously recorded as an accrued liability on its consolidated balance sheet.